ISLAMABAD: Federal Board of Revenue (FBR) asked banks to furnish details of accounts that are fed with Rs10 million or more in a month, aiming at to broaden the tax base, it is learnt here.
Official sources told Customs Today that the FBR, in an official letter sent to banks, asked them to provide such details for July and August.
“The purpose of obtaining details is to identify people who make large transactions, yet they are out of the tax net,” an official said, requesting anonymity.
The tax officials said the threshold of deposits for providing information was raised to Rs10 million from one million rupees. An official at Large Taxpayers Unit (LTU) said the requirement of financial information is not just for two months and also applicable on previous transactions.
“But, the banking companies are reluctant to share information of their account holders,” the official said, adding that the matter is with the higher court.
The tax official said the banks should now find it easy to furnish details after increase in the threshold.
